Inserting Line Studies Tools on the MT4 Software
The next option on the Insert menu within the MT4 commodities trading software is the Line Studies Button. These tools are used to insert and draw commodity trendlines or to place various technical analysis tools on Commodities charts. This button is shown below:
Line Studies on MT4 Platform
The button can be used to insert the following on the Commodity Trading charts:
- Vertical Line
- Horizontal Line
- Commodities Trend Line
- Commodities Trend by Angle
A trader might need to draw any of these line studies on Commodity Trading charts for different purposes: each line study will be placed on the trading chart depending on the type of analysis that a trader want to achieve.
Vertical Line
This is placed on a Commodity Trading chart when a trader wants to mark a specific point in a commodity chart, maybe to mark the time they bought a commodity instrument or sold a commodity. To insert this vertical line on a Commodity Trading chart, a trader will open insert menu, as shown above, then click on "Vertical Line" option - to select this, cursor will also change to show vertical line icon, then choose point on Commodity Trading chart where you want to draw this line.
Insert a Vertical To a Commodities Chart on MT4 Platform
Horizontal Line
On MetaTrader 4 Commodities trade platform, this line is placed on a Commodity Trading chart in order to mark a resistance level or a support level on the commodities chart. The horizontal line can be drawn by selecting its button key within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MT4 Platform
On the commodity example above this horizontal line is drawn at commodities price support point, the commodities price bounces up the second time that it gets to this point. Commodity trend then changes to upward commodity trend direction.
Commodities Trend Line
This is one of the most oftenly used technical analysis tool in commodities trading. To draw this commodity trend line a trader can access this button from the insert menu. An upward commodity trend line on MT4 software is illustrated below.
Commodities Trend Line Drawn on MT4 Platform
To draw a commodity trend line a trader has to have two points and join these points with the commodity trend line and then extend it as shown above.
A trader can draw this commodity trend line for either an upward commodity trend direction or downward commodity trend direction
Commodities Trend Line by Angle
The next option is to draw a commodity trend by angle, this one looks exactly like the ordinary commodity trend-line displayed above, only that in addition it will show the angle at which the commodity trend line is slanting which many trades may use as a signal and specify to only trade if the angle is more than 30 degrees.
Customizing
As a trader you may want to change the formatting of a particular item for examples let use the "Commodities Trendline" study, if you want to edit its properties then you can choose it by double-clicking on it, then right-click on it & the following menu will show.
Changing
Common Properties
After the above menu appears (Note the commodity trend line has three square points that you can click and drag with your mouse to adjust it to another point using these three squares), select the first option only "Commodities Trendline Properties", the following popup window panel will pop-up.
From this menu a trader can rename the commodity trend line, give it a description, change the style color to another color using the down arrow next to the color named "Blue" above or change the width property by selecting a different style from the 2 drop down arrow buttons next to the color button, and then select okay.
The other options are marked "Parameters" and "Visualization"
Parameters
On the parameter, tick/untick the option marked as "Ray", this will extend/unextend the commodity trend line up to the point where you have chosen. Download the MetaTrader platform to learn what this we are talking about.
Visualization
Visualization is used to choose whether the line is displayed on all timeframes or only shown on a select few time-frames that a trader can choose and select from this option as shown below.
Customizing Tools MT4 Studies
